We’re starting to see additional lower priced units come on the market at South Lake. It seems stock market jitters are beginning to scare some folks out of the real estate market. On the Nevada East Shore we’re seeing market value declines but with quite a few sellers still sticking to their list price due to lack of inventory. The next few months should be telling for both areas.
I also hope to have all 2018 stats from around the lake within the next few weeks. For right now looking at the raw numbers, the NV East Shore had a 35% increase in total sales volume this year climbing from $150M to $202M. The number of units sold increased 23% over 2017 figures, while the median sales price of those units declined by 9% to $815,000.
At South Lake Tahoe dollar volume declined 5% from $362M to $344M. The number of units sold in 2018 also declined by 9% to 620. The Measure T agenda regarding short term rentals looks to have taken its toll on both buyers and sellers. The median sales price for South Lake still managed to increase 6% to $466,500. More to come soon.
